LPL Reels in UBS Pennsylvania Team with $245 Million Book
A UBS Wealth Management duo has broken away in Pennsylvania to hang out their shingle as an independent practice with LPL Financial, according to an announcement on Tuesday.
Reached at their new office, Biruk declined to comment on the team’s production while at UBS.
Biruk said they moved into the independent channel because they were interested in “running our business our way” and making their own business operations decisions and technology choices. He said they had seriously considered three other firms.
The brokers, who joined UBS from Merrill Lynch in 2009, according to their BrokerCheck records, opted to join LPL’s core independent channel, an LPL spokesperson confirmed, rather than one of its new offerings that targets wirehouse breakaways.
LPL, the largest independent broker-dealer by its more than 17,100 brokers, last year launched another channel, Strategic Wealth Services, that offers more support and operational assistance but lower payouts in effort to appeal to wirehouse brokers who want more help striking out on their own. It also launched a W-2 employee channel in August.
Biruk and Rattigan have worked together for more than two decades since joining up at Prudential Securities, according to their announcement.
Biruk started at Prudential in 1999 while Rattigan began his career there in 2000, according to BrokerCheck. They said in the release that they partnered after they were the only two who made it through an early career training program. They moved together to Merrill Lynch in 2003.
The two work with individual clients and also provide advice on corporate retirement plans, according to LPL’s announcement.